Occidental Petroleum Corporation's Chairman Ray Irani was ousted from his position as Chairman last Saturday by the shareholders of the firm. They concluded that Irani had overstayed his welcome. The call for Irani's removal started when investors did not acknowledge the decision of the board to replace Stephen I. Chazen as the Chief Executive Officer and also due to the lingering discontent over the hefty salary packages of Irani. Last February, the shareholders were stunned by the announcement of the board that it was in search of Chazen's replacement in the middle of a discussion regarding its plan for the company's future.
In 1990, Ray Irani became heir to an unmanageable business which includes meat packaging, oil manufacturing and even movies. In the next 23 years, Irani changed that mishmash of business into a world renowned oil company. His hard work resulted to revenues twice the average on the 500 index of the Standard & Poor. Despite what Irani had done to Occidental Petroleum Corp, Fadel Gheit, an analyst at New York's Oppenheimer & Co said, "Occidental is ready for a new blood and new thinking - a wholesale change."
Join the Conversation